Thanks for any input provided. Again I am by no means asking legal advise so I understand that is a necessity that I really don't control. All I can do is make recommendations. Some times they listen to me and some times they don't.
Maybe it's the area I live in but even the cheap full blown nursing care facilities are around $8,000 per month. Spending an extra couple thousand a month is not unreasonable if she's well taken care of.
I also agree the reverse mortgage seems a little "scammy" and an easy place to take advantage of older folks.
Based on my OP about reverse mortgages I didn't really feel the need to get into the details of what the farm is but here we go. There are 115 acres of wooded ridge ground. There are 115 acres of fields/house&yard/barn. The roughly 100 acres of tillable ground gets rented to the neighbor. I honestly don't know the history of why my family discontinued farming it once my great grandfather passed. There are 2 uncles and they had their own jobs not on the farm so I assume that's why.
3 of the five children border the property and want to retain it to rent the farm house and land. They don't want it getting developed.
Ultimately, yes they need to consult with an attorney to see what their options are. I was just curious on reverse mortgages and experiences from like minded people.
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